Private Equity Drives 95 RIA Deals in Q1 as Adviser Moves Jump 16%
Updated
Updated · Los Angeles Business Journal · May 26
Private Equity Drives 95 RIA Deals in Q1 as Adviser Moves Jump 16%
2 articles · Updated · Los Angeles Business Journal · May 26
95 private equity-backed RIA transactions were recorded in the first quarter, a record that accounted for about 72% of all deal activity, according to Echelon Partners.
11,172 wealth advisers changed firms in 2025, up 16% from a year earlier, as compensation changes, cost-cutting, weak technology investment and consolidation pushed teams to leave large wirehouses.
UBS lost 318 advisers and added 75 last year after broader cuts following its 2023 Credit Suisse rescue, with departing teams citing hiring freezes, siloed operations and limited flexibility.
18 firms were acquired by Mercer Advisors in the past year, underscoring how smaller practices are selling as compliance, technology and operating burdens rise.
4 new partners have joined Aspiriant this year, while Wells Fargo and Citizens pitch collaboration, lending capacity and adviser autonomy as private equity and consolidation reshape wealth management.
With private equity buying up wealth firms, are advisers leading clients into a hidden liquidity crisis?
As advisers chase better technology, are they just trading one problem for the risk of being replaced by AI?